Fino gets RBI approval for offshore remittance

Mumbai

Fino Payments Bank has received the RBI approval for commencing International Remittance business under the Money Transfer Service Scheme (MTSS). The Bank will be undertaking inward cross-border money transfer activities in association with an Overseas Principal, the details of which are being worked out. According to a recent World Bank release in November 2021, India is expected to be the largest recipient of remittances globally in 2021 with expected receipt of $87 billion. This is expected to grow by 3% in 2022 to $89.6 billion as a large number of workers are expected to return to the gulf countries.